WOW! Once again, The PEOPLE are too big to fail!
Matt Taibbi from Rolling Stone produced 5 demands he would like to see the people of Occupy Wall St. pick up. I have to say that I agree with all of them. But I strongly support his second demand as this is the main reason why I would like to go to Occupy Wall St. myself. Take a look.
1. Break up the monopolies. The so-called “Too Big to Fail” financial companies – now sometimes called by the more accurate term “Systemically Dangerous Institutions” – are a direct threat to national security. They are above the law and above market consequence, making them more dangerous and unaccountable than a thousand mafias combined. There are about 20 such firms in America, and they need to be dismantled; a good start would be to repeal the Gramm-Leach-Bliley Act and mandate the separation of insurance companies, investment banks and commercial banks.
2. Pay for your own bailouts. A tax of 0.1 percent on all trades of stocks and bonds and a 0.01 percent tax on all trades of derivatives would generate enough revenue to pay us back for the bailouts, and still have plenty left over to fight the deficits the banks claim to be so worried about. It would also deter the endless chase for instant profits through computerized insider-trading schemes like High Frequency Trading, and force Wall Street to go back to the job it’s supposed to be doing, i.e., making sober investments in job-creating businesses and watching them grow.
3. No public money for private lobbying. A company that receives a public bailout should not be allowed to use the taxpayer’s own money to lobby against him. You can either suck on the public teat or influence the next presidential race, but you can’t do both. Butt out for once and let the people choose the next president and Congress.
4. Tax hedge-fund gamblers. For starters, we need an immediate repeal of the preposterous and indefensible carried-interest tax break, which allows hedge-fund titans like Stevie Cohen and John Paulson to pay taxes of only 15 percent on their billions in gambling income, while ordinary Americans pay twice that for teaching kids and putting out fires. I defy any politician to stand up and defend that loophole during an election year.
5. Change the way bankers get paid. We need new laws preventing Wall Street executives from getting bonuses upfront for deals that might blow up in all of our faces later. It should be: You make a deal today, you get company stock you can redeem two or three years from now. That forces everyone to be invested in his own company’s long-term health – no more Joe Cassanos pocketing multimillion-dollar bonuses for destroying the AIGs of the world.
Quick comment regarding the 2nd demand. This is not an uncommon solution, it is widely used across the globe and has been used effectively throughout history. The tax is almost negligible to most as it hovers around .25%. Another solution to this is to place a required minimum duration on trades, something to the tune of say 5 seconds. This means you can buy whatever you want without a fee, but you must hold it for a minimum of 5 seconds.
Sounds great to me! Hell, I would jump for joy if only 1 of those things were to happen.
Or so says Bank of America’s CEO in response to the proposed $5/month checking fees the bank intends to implement in the coming year.
C’mon son! It’s bad enough that people already hate you for nickel and diming them. It’s worse that you took bailouts. It’s even worse that you are on the brink of collapse. And now you publicly spit in the face of your depositors? Clearly you have forgotten how this shit works. You need the depositors in order to rape them. And what do you mean you have a right to make profit? Are you not? WE have a right to a corruption free market, I don’t see you helping with that? As the little guy I have something you don’t have though. I have the power of choice.
Yesterday, I had enough. I am in the process of pulling all of my business from Bank of America. Something I have been wanting to do over the last 2 years but haven’t just out of pure convenience. But enough is enough, I’m off my ass and going to hit you the only way I can. At the wallet. (More on this later I have done quite a bit of research). I suggest anyone that is reading this do the same whether it be BofA or any other too big to fail bank.